Subject: Claims Page 13 / 49
-
- December 6 2023
Fire losses still burning issue for marine insurers as claims mount
Extreme weather, increase in machinery claims post-Covid, piracy, geopolitical and cyber risks are other major APAC marine market concerns.
-
- December 4 2023
Hong Kong’s September extreme weather bill at US$243m: HKIA
Black rainstorm accounted for 81% of the claims, while the rest came from Typhoon Saola; 86% of gross claims incurred were property losses.
-
- November 30 2023
Everest appoints Godfrey Seet as Asia head of short-tail claims
Seet has relocated to Singapore from Hong Kong, where he was most recently senior vice president, claims at Peak Re.
-
- November 30 2023
Surge in claims volume testing APAC service capabilities
Increasing nat cat losses, rising cyber claims and inflation leave regional response infrastructure in danger of being overwhelmed, lengthening lead times significantly and driving up costs.
-
- November 22 2023
Cyber threats biggest worry for APAC enterprises: Aon risk survey
Only two of the top five current risks in the Asia Pacific are insurable and half of the overall top 10 are uninsurable at present.
-
- November 22 2023
Philippines’ MT Princess Empress oil spill claims exceed US$50m: IOPC
The first layer of claims costs, up to the owner’s liability limit, will be met by the Shipowners’ Club and the remaining claims will be paid out through the IOPC Funds.
-
- November 21 2023
IAG’s New Zealand flood and cyclone payouts top US$600m
The country's largest carrier has called on the government to prioritise flood resilience as the economic toll of summer of storms continues to mount.
-
- November 15 2023
Opinion: Government intervention key to addressing APAC’s insurability challenges
As insurers grapple with secondary perils, governments, especially in emerging Asia, need to look at prevention not cure.
-
- November 13 2023
Tokio Marine floats disaster prevention and mitigation services firm
Led by Masashi Namatame as president, Tokio Marine Resilience will support customers and local communities by paying claims as well as address the causes of losses such as flooding, landslides, earthquakes, and tsunamis
-
- November 7 2023
20% of motor insurance claims in Singapore fraudulent: report
Common forms of scam involve individuals offering help from unauthorised repair shops or overpriced towing services after an accident, staged accidents with fake injuries, and fake witnesses.
-
- November 1 2023
Floodbase and Ag Guard tie-up for parametric agri cover in Australia and New Zealand
The products are scheduled to be available in 2024 and will offer region-specific pricing that trigger payouts automatically when flooding exceeds predetermined thresholds.
-
- November 1 2023
SIRC: Renewables, underinsurance, nat cats and cyber risks are reinsurance’s APAC focal point — CEOs
The panel, chaired by James Vickers, international chairman at Gallagher Re, was Renaud Guidée, CEO - reinsurance, Axa XL, Achim Kassow, member of the board of management, Munich Re and Swiss Re's Urs Baertschi, CEO, P&C Reinsurance.
-
- October 31 2023
ICA accepts seven recommendations from post-flood review
Global consultancy Deloitte has highlighted several areas where insurers fell short of best practices while dealing with the February to March 2022 floods.
-
- October 27 2023
Perils increases south-east Australia flood loss estimate to US$613m
The October event mainly impacted Victoria and NSW with property losses contributing 91% of the loss, while 9% were motor losses.
-
- October 27 2023
Australian carriers brace for claims as deadly bushfires rage across New South Wales, Queensland
With over 100 fires burning, several dead, homes burned down and thousands of hectares of land destroyed, it is being described as the worst fire season since the 2019-20 black summer.
-
- October 20 2023
Record heat in 2023 spurs myriad APAC nat cat losses
15% of insured nat cat losses so far this year have been in Asia, with yet another US$100bn-plus loss year in the making, says Gallagher Re.
-
- October 19 2023
India dam collapse claims’ burden on carriers may be lower due to glacial lake outburst rider
Early reports by the National Disaster Management Agency say the event was likely a GLOF, for which claims payable are capped at US$60m per any one accident.
-
- October 19 2023
QBE and MS First Capital withdraw Covid BI appeal against Thailand resort owner
Relax Beach, which owns Le Meridien Phuket Beach Resort, now stand to potentially receive millions of dollars in claims after it was forced to close in April 2020.
-
- October 16 2023
Tower reports lower cyclone costs, spurt in GWP growth; upgrades FY profit forecast
The Kiwi P&C player has revised its net profit after tax guidance for FY 2023 to between US$4.2m to US$5.9m based on preliminary results.
-
- October 16 2023
Opinion: Asian (re)insurers are waking up to a new typhoon loss reality
2023 has been a wet one across the region, while the size, intensity and frequency of windstorms appear to be increasing, especially in China.
